SAN DIEGO –– CBRE facilitated the sale of 4747 Viewridge, a 24,371-sq.-ft. Office building in San Diego’s Kearny Mesa submarket, to a private investor for $9.2 million, or $378 PSF.
The buyer, who was completing a 1031 exchange, went non-refundable upon the opening of escrow and closed all cash.
CBRE’s Matt Pourcho, Anthony DeLorenzo, Matt Harris and Nick Bonner handled negotiations for the seller, San Diego-based Paragon Management Company. The transaction received strong interest and several offers. The buyer was represented by Phil Emery at AE Commercial.
Built in 2005, the two-story Class A office building is situated on 1.7 acres at 4747 Viewridge Ave. The building’s amenities include a common area, conference room, high-end finishes, 87 parking spaces, scenic views, and lush landscaping with a koi pond and seating area.
4747 Viewridge was 94 percent occupied at the time of sale with a historical occupancy of 96 percent over the last seven years. The Better Business Bureau occupies 13,297 square feet on the top floor of the building and six other tenants occupy an average of 1,591 square feet in the building.
“Stabilized, low-rise suburban office continues to attract strong private capital interest, evident by the high level of interest during the very short marketing period,” said Pourcho. “Following the review of several offers, the seller selected an all-cash 1031 private buyer who was able to close the transaction less than four weeks after CBRE began marketing the property.”
The building is situated in Kearny Mesa on the northeast corner of Interstate 15 and Balboa Avenue, providing immediate freeway access and prominent freeway exposure. Kearny Mesa provides the metro with more than 23 million square feet of office and industrial space. Its central location attracts commercial activity and jobs, resulting in one of the metro’s lowest vacancies and strong absorption rates.
San Diego investment sales transaction volume closed the second quarter of 2022 at $1.2 billion across office, industrial and life sciences assets greater than $10 million, according to CBRE Research. Five office sales accounted for $129.9 million of the total investment sales during the quarter.